Wanchain Integrates EOS and Adds More Stablecoin Support
Wanchain, an Ethereum fork focused on cross-chain integration, announced support for EOS recently. The short story here is that, in the near future, decentralized exchanges facilitating trades between EOS, Ethereum, and Bitcoin – which is increasing its token functionality via Blockstream’s Liquid product.
We are very proud of our ecosystem made up of some of the most revolutionary projects and blockchains in the industry. This is only the beginning as we are on a mission to CONNECT Open Finance. RT if you’re excited to join us on this journey! pic.twitter.com/ypnS1f2kAz
— Wanchain (@wanchain_org) March 15, 2019
A Hub for Many Blockchains
CCN previously reported about how Wanchain creates a bridge between Bitcoin and Ethereum. Its integration with Loopring means that on-chain, decentralized trades between blockchains will be possible. Loopring is actively building a decentralized exchange (DEX) on Wanchain, which will launch next quarter.
The approach differs from Kyber.Network’s Wrapped BTC (WBTC) in that it is non-custodial. WBTC is a custodial service of BitGo which allows users to lock up Bitcoin and access its liquidity on the Ethereum blockchain. When a user purchases WBTC, a merchant “mints” an equivalent amount of WBTC by locking up regular BTC.
Wanchain CEO Jack Liu told CCN:
“We are pleased to be integrating EOS into the Wanchain ecosystem, bridging their powerful dApp community to the Ethereum and Bitcoin networks. EOS also has a strong, global developer and block producer network that will be able to leverage Wanchain’s cross-blockchain platform.”
Disrupting Wrapped Tokens
The Wanchain model makes this unnecessary. A user with a Bitcoin wallet and and Ethereum wallet can lock up their Bitcoin themselves and use a similar “wrapped” token. The difference is that the user can be self-reliant. BitGo stresses the value of their custodial services, but decentralization advocates will prefer a self-service model like this.
